The Small Industries Development Bank of India (SIDBI), a financial institution for Micro, Small and Medium Enterprises (MSME), has announced that it has signed a Memorandum of Understanding (MoU) with the Government of Meghalaya’s Meghalaya Infrastructure Development and Finance Corporation Ltd. [MiDFC] to develop the state’s MSME ecosystem.
- SIDBI and the Government of Meghalaya will collaborate closely to support the growth of the MSME ecosystem in the state, according to the MoU.
- Among the MoU’s general aims are the growth of entrepreneurship in the state, the establishment of MSME clusters, and the capacity building of NGOs, development organisations, and MSMEs. Support and promote replicable livelihood projects that are compatible with the State’s priorities.
- Expanding digital products for the state’s SMEs, mapping state-specific livelihood opportunities with the help of expert consultants SIDBI’s Promotional and Developmental Initiatives in the State are being expanded.
Increasing MSMEs‘ capability through online platforms such as PSB 59, Mitra portals, GeMS, TReDS, and others, establishing business information and counselling centres for micro firms, and building the capacity of state agencies working to develop MSMEs in the state.